Refresco Tests an IPO at a Valuation Above $10 Billion
KKR’s Dutch beverage manufacturer has heard pitches from banks for a possible U.S. or European listing, but the process remains preliminary.
Refresco and owner KKR have begun testing the market for an initial public offering that could value the Dutch beverage manufacturer above $10 billion. Banks have pitched for roles in recent weeks, according to people familiar with the process, and a listing could take place in the United States or Europe. The work is preliminary and neither Refresco nor KKR has committed to a transaction.
The potential float would crystallise the transformation of a low-profile industrial company into a large infrastructure-style investment. KKR acquired Refresco in 2022 for roughly $8 billion through its global infrastructure strategy. Refresco manufactures, bottles, warehouses and distributes drinks for retailers and brand owners, providing a contract-based service rather than relying on one consumer label.
That model gives the company unusual scale. Refresco says it operates 85 production facilities across North America, Europe and Australia and works with private-label customers such as Walmart and Aldi as well as Coca-Cola, PepsiCo and Monster Beverage. Its 2025 annual report showed close to $7 billion in revenue and about $930 million in adjusted earnings before interest, tax, depreciation and amortisation.
At a valuation just above $10 billion, the company would be priced at a little over ten times that adjusted EBITDA before accounting for net debt and the exact equity-versus-enterprise-value definition. Reuters identified Coca-Cola Consolidated as a possible listed comparison, though its brand concentration and business mix differ. The eventual leverage disclosed in a prospectus would be central to assessing the equity value.
The choice of venue will influence currency, investor base and governance. A U.S. listing could tap the deepest consumer and infrastructure equity pools and provide a comparison set with large bottlers. A European float would keep the company closer to its Rotterdam headquarters and could offer regional investors a rare scaled manufacturing listing. Bank pitches do not guarantee either route.
Public investors will also ask how concentrated Refresco’s customers are and how contracts pass through commodity, labour and power costs. Contract manufacturing can produce stable volumes, but retailer and global-brand customers have substantial bargaining power. The quality of earnings therefore depends on pricing clauses, utilisation rates and the maintenance spending required across 85 plants.
Timing is the more immediate obstacle. Traditional U.S. IPOs have raised nearly $140 billion this year, but higher yields, market volatility and doubts about technology spending have weakened the autumn pipeline. Several candidates have delayed offerings. Refresco can continue preparations and move quickly later without accepting a discount today.
Why it matters
The process is a test of whether investors will finance durable, cash-generating industrial assets while more speculative IPOs struggle. Refresco’s customer diversity and physical network may look defensive, but retailer bargaining power, packaging and energy costs, capital expenditure and leverage still determine returns.
For KKR, a successful listing above $10 billion could create a route to liquidity four years after acquisition. For European markets, winning the venue would add a sizeable Dutch issuer. The key caveat is that this is an early-stage process: valuation, location, timing and even the decision to list can still change.
Sources: Reuters